Borealis Reports Decline in Net Profit on Flat Sales; Will Sell More Products from the Mideast

3:41 AM MDT | May 11, 2012 | Natasha Alperowicz

Borealis today reported a close to 20% drop in first quarter net profit to €140 million ($181.5 million) on flat sales of €1.882 billion and said that the expected recovery in the coming quarters of this year will be slow. The decrease in net profit was a result of difficult market conditions, especially for the European polyolefins business. Borouge, Borealis’s joint venture with the Abu Dhabi National Oil Co. at Ruwais, Abu Dhabi and Borealis’s fertilizers business reported a strong performance. Borealis recently acquired fertilizer...